TaxTMI 
TaxTMI 
1984 (4) TMI 28
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....tes are March 31, 1968, March 31, 1969, March 31, 1970, and March 31, 1971. The assessment to income-tax of the assessee in respect of the assessment year 1967-68 was completed on February 10, 1972. As a result of the assessment, the assessee became entitled to a refund of Rs. 82,264. The refund had arisen as the assessee had deposited excess advance tax in response to the demand notice issued to him by the ITO under s. 210 of the I.T. Act, 1961 (Act No. 43 of 1961) (for short the " I.T. Act"). The final tax determined was much less and, therefore, the assessee became entitled to (refund of) Rs. 82,264. The ITO while computing the wealth of the assessee in respect of the aforesaid four assessment years included the aforesaid amount of Rs. 82,264 in the net wealth of the assessee. An appeal was filed by the assessee against the orders of the WTO. The AAC by his order dated April 26, 1973, confirmed the order of the WTO, in so far as it related to the inclusion of Rs. 82,264 in the wealth of the assessee. Further appeals were filed before the Tribunal. The Tribunal by a common order dated December 20, 1974, allowed the appeals and deleted the amount of Rs. 82,264 from the assessments....
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....ealth or the net wealth of any other person in respect of which he is assessable under this Act includes the value of any assets held in a business or profession and the time (whether fixed originally or on extension) for furnishing the return of his total income or, as the case may be, of the total income of the other person aforesaid for the said assessment year under sub-section (1) or sub-section (2) or sub-section (3) of section 139 of the Income-tax Act, expires on or after the 30th day of June aforesaid, the return in respect of such net wealth for the assessment year may be furnished before the expiry of the time for furnishing such return of income. " According to s. 16(1) of the Act, if the WTO is satisfied without requiring the presence of the assessee or production by him of any evidence that a return made under s.14 or s.15 is correct and complete, he shall assess the net wealth of the assessee and determine the amount of wealth-tax payable by him or the amount refundable to him on the basis of such return. The Gujarat High Court in CWT v. Raipur Manufacturing Co. Ltd. [1964] 52 ITR 482 held that in order to constitute a " debt " within the meaning of the express....
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....ch provides for payment of simple interest by the Central Government for any amount paid by the assessee in accordance with the provisions of section 18A. He says that this shows that it is really the Government which ultimately becomes the debtor and there is no question of any debt being owed by the assessee. He further urges that the word 'debt' connotes a definite fixed amount and does not include merely a liability to pay a sum which is not ascertained. In our opinion, the High Court was right in answering the question in favour of the assessee. Section 18A(10) provides that if the assessee does not submit a revised estimate under sub-section (2) of section 18A, and he does not pay on the specified date any instalment of tax that he is required to pay under sub-section (1), he shall be deemed to be an assessee in default in respect of such instalment or instalments, and if he does submit a revised estimate but does not pay an instalment in accordance there with on the date or dates specified in sub-section (1), he shall be deemed to be an assessee in default in respect of such instalment or instalments. Under sub-section (11), any sum paid or recovered from the assessee in ....
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....s said that the deductions permissible in computing the net wealth of the assessee are in respect of the tax as finally determined on assessment under the respective enactments and not the tax as computed in accordance with the returns filed by the assessee. In that case, Assam Oil Co. Ltd.'s case [1966] 60 ITR 267 (SC) has been referred to. perusal of the decision in Kantilal Manilal's case [1973] 88 ITR 125 (Guj), shows that there was provision for payment of tax in the balance-sheet and, in that connection, the question arose whether the provision for payment of the tax made therein entitles the assessee to the deduction of the amount on the valuation date. Kantilal Manilal's case [1973] 88 ITR 125 (Guj) has been referred to by the judges of the Gujarat High Court in Kantilal Manilal's case [1973] 90 ITR 289 (Guj). One of the questions involved in that case was whether the deduction admissible is in respect of the tax payable pursuant to the relevant return filed by the assessee or whether such deduction is admissible in respect of the tax as finally determined on the assessment and in regard to that the learned judges held that this was concluded by the decision rendered in Kan....